Plan ahead

Get ahead of the curve. That is supposed to be the mantra of finance ministers and central bankers. Or: don’t wait to act until credit is crunched, banks are bankrupt and recession has momentum. But right now, the curve is comfortably in the lead. The new week has brought a raft of new depressing financial data. Japanese GDP fell by 3.3% in the fourth quarter of 2008, a shocking 12.7% annualised rate. The Confederation of British Industry has said the UK economy will shrink by 3.3% this year, a ...